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Addleshaw Goddard client Boris Berezovsky has agreed to pay legal costs of £35m for his rival Roman Abramovich after losing his $5bn claim against him.
Skadden Arps Slate Meagher & Flom issued a £40m bill for the work it did for Abramovich, including disbursements of £8m for former Brick Court silk Jonathan Sumption QC. Today in court Mrs Justice Gloster approved the costs settlement.
It is understood that Abramovich accepted the £35m settlement in return for a guarantee that Berezovsky would not appeal Gloster J’s ruling that dismissed the claim.
Freshfields Bruckhaus Deringer had billed £5m for the work it did for joined defendant Russian metal magnate Vasily Anisimov (26 September 2011), but it was agreed today that Berezovksy would pay £3.75m of the costs billed by Freshfields partner Ian Terry and counsel from 3 Verulam Buildings, Ali Malek QC and Sonia Tolaney.
Addleshaw Goddard partners John Kelleher and Mark Hastings had instructed 4 New Square’s Nick Bacon QC to lead the costs battle.
Gloster J slammed Berezovsky when she threw out his claim in August.
She told a packed courtroom at the Rolls Building that Berezovsky had been an unreliable witness whose ‘I blame my lawyers’ excuse was not convincing (31 August 2012).
At the heart of Berezovsky’s claims were allegations that Abramovich coerced him into selling his 21.5 per cent share in Russian oil company Sibneft at a significantly reduced price and that the defendant had broken promises over a deal involving Russian aluminium company RusAl.
A second tranche of claims by Berezovsky was due to begin in the Chancery Court in the coming weeks, but those claims have now been settled.